Gold prices fall sharply for the second consecutive day as international rates drop by $255 per ounce.
International and local markets record major decline as gold and silver rates drop significantly
The sharp rise in gold prices has stopped as gold and silver prices dropped heavily for the second day in a row. Both international and local markets recorded a major decline, bringing some relief to buyers.
In the international market, the price of gold fell by 255 dollars, bringing it down to 4,895 dollars per ounce. This global decline also affected gold prices in Pakistan.
In the local bullion market, the price of one tola gold dropped further by Rs 25,500. After this decrease, the new price of one tola gold is Rs 511,862. This is a significant fall compared to previous days.
Similarly, the price of 10 grams of gold also decreased by Rs 21,862. After the reduction, the price of 10 grams of gold now stands at Rs 438,839.
Silver prices also saw a major decline. The price of one tola silver dropped by Rs 2,063, after which the new price of silver became Rs 9,006 per tola.
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It is important to note that a day earlier, gold prices had already seen a historic fall. The price of 24-carat gold dropped by Rs 35,500, bringing it down to Rs 537,362 per tola.
At the same time, the price of 10 grams of 22-carat gold fell by Rs 27,900, after which it reached Rs 422,324. These back-to-back drops show a strong downward trend in the gold market.
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